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Frequently Asked Questions
This information is not to be considered policy language or legal advice and is not a substitute for competent insurance and legal assistance from a licensed insurance agent or attorney, respectively. The information contained is general in nature, and is designed to provide guidance in the understanding of terms used, both in this web site, and by the insurance industry as a whole. Each company may interpret definitions slightly differently, and these do not reflect the opinions of any one company.
How do I obtain D&O and/or Crime loss runs for my insured?
After logging into the GIG Agent Portal at www.gigins.com go to your association’s policy and on the Quote Status page click on the blue button in the lower right corner that reads “Request Loss Run.”
How do you report a claim for one of my insured?
You can either follow the claim reporting instructions on your policy or use a tool we added to our online system. After logging on our site at www.gigins.com go to your client and on their Quote Status page click on the blue button in the lower left corner that reads “Report a Claim.” You will be able to attach documents and you claim submission will go directly to the claims department of the carrier.
Is Breach of Contract covered on the D&O policy?
Unlike the exclusions contained in Section 4 of the policy that are outright exclusions, the exclusion pertaining to “breach of contract” claims is in Section 5, which only excludes Loss for those claims. Per Section 23.14, the definition of Loss does not include Defense Costs. Hence, the policy provides Defense Costs for “breach of contract” claims.
What is the difference between Loss Sustained and Discover form basis on a Crime Policy?
Discovery coverage provides coverage for losses discovered by the insured during the policy period. The advantage of Discovery coverage is that there is no limitation to when the loss was sustained.
Are defense Costs outside policy limits on the D&O policy?
On the endorsement Section 9.1 is deleted in its entirety and replaced by the following:
The Insurer’s maximum aggregate Limit of Liability for all Loss under this Policy shall be the amount set forth in ITEM III of the Declarations.
Payment by us of Defense Costs shall not initially erode the Limit of Liability listed in ITEM III of the Declarations. The aggregate limit for Defense Costs for any / all Claims is equal to the limit available for Loss set forth in ITEM III of the Declarations not to exceed $1,000,000. Once the aggregate limit for Defense Costs has been exhausted, any additional Defense Costs incurred for any/ all Claims shall erode the limit available for Loss set forth in ITEM III of the Declarations.
The Insurer is not obligated to pay Defense Costs once the Limit of Liability for Loss, listed in ITEM III of the Declarations, has been exhausted.
What defines an Insured on the D&O Policy?
23.10 “Insured(s)” means the Insured Persons and the Insured Organization. Insured(s) also means any Property Manager, but only if the Property Manager is acting pursuant to the written authority granted by the Parent Organization or on behalf of and at the direction of the Parent Organization or any Subsidiary. 23.11 “Insured Organization” means any entity named in Item I of the Declarations and any Subsidiary, including any such entity operating as a debtor-in-possession. 23.12 “Insured Person(s)” means one or more natural persons who were, now are, or shall hereafter be duly elected or appointed directors, trustees, officers, employees, committee members or volunteers of the Insured Organization, or, with respect to a Subsidiary operating outside the United States, their functional equivalent, regardless of title. It also means one or more natural persons who were, now are, or shall hereafter be duly elected or appointed directors, trustees, officers, employees, committee members or volunteers of any Property Manager, but only if such persons are acting within the scope of their employment with the Property Manager and on behalf of the Parent Organization or any Subsidiary.
What is the definition of a Property Manager on the D&O Policy?
23.24 “Property Manager” means any entity providing real estate property management services to the Insured Organization pursuant to a written contract.